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Crypto Founder's Sentence: 11,196 Years in Prison

Faruk Fatih Ozer receives a very, very long sentence in Turkey over collapsed exchange

(Newser) - Cryptocurrency is often linked to some mind-boggling numbers . Here is one more: 11,196. That is how many years the founder of a failed cryptocurrency exchange has been sentenced to serve in a Turkish prison, reports the Wall Street Journal . Faruk Fatih Ozer received the 11-millenia term over the collapse...

Lawyer: SBF Is Living on Bread, Water, PB

Vegan is having a hard time behind bars, lawyer says

(Newser) - Sam Bankman-Fried is living entirely on bread, water, and occasionally peanut butter, according to a lawyer for the FTX founder. Bankman-Fried was earlier this month ordered to spend the time leading up to his October fraud trial in a Brooklyn jail rather than at his parents' house in Palo Alto,...

In Separate Hearings, Crypto 'Bonnie and Clyde' Plead Guilty

Ilya Lichtenstein, wife admit role in 2016 Bitfinex exchange hack

(Newser) - Hours before former President Trump's arraignment in Washington, DC, on Thursday, a couple dubbed cryptocurrency's "Bonnie and Clyde" appeared in back-to-back hearings in the same federal courthouse. New York tech entrepreneur Ilya Lichtenstein and his wife Heather Morgan both pleaded guilty to charges of money laundering conspiracy...

Crypto Founder Who Made Big Claims Charged in $1B Fraud

SEC: Richard Heart bought $4M black diamond with proceeds from Hex, the 'highest appreciating asset' ever

(Newser) - A cryptocurrency entrepreneur who paid more than $4 million for the world's largest black diamond allegedly purchased the rock with proceeds from a $1 billion crypto fraud. The SEC on Monday announced fraud charges against Hex founder Richard Heart, also known as Richard Schueler. Heart marketed the ethereum-based Hex...

Founder of Crypto Lender Arrested on Fraud Charges

Celsius Network already has filed Chapter 11

(Newser) - Alexander Mashinsky, who founded the cryptocurrency lending platform Celsius Network, was arrested Thursday on federal charges. Prosecutors say Mashinsky mispresented the financial health of the company to investors, ABC News reports. At the same time, the Securities and Exchange Commission and the Federal Trade Commission filed lawsuits saying the founder...

SEC Goes After Coinbase, Biggest US Crypto Exchange

Move comes one day after the agency's lawsuit against an even bigger player, Binance

(Newser) - The hits keep coming for the crypto industry. One day after the SEC sued Binance , the world's largest cryptocurrency exchange, the agency went after Coinbase, the biggest exchange in the US. The SEC accused Coinbase of essentially operating as a securities exchange without registering as one, reports the Wall ...

SEC Sues World's Biggest Crypto Exchange

Binance denies wrongdoing, but move rattles Bitcoin investors

(Newser) - It's another big jolt to the world of crypto: The Securities and Exchange Commission on Monday accused Binance, the world's largest cryptocurrency exchange, of engaging in a slew of shady financial practices, reports the Wall Street Journal . In all the SEC filed 13 charges against Binance and co-founder...

Feds: Twitter Hacker Left 'Impressive Trail of Destruction'

UK man pleads guilty to scheme that targeted accounts of 130-plus names, including Musk, Biden

(Newser) - A UK man arrested in Spain two summers ago and accused of hacking into the Twitter accounts of some big names—including the current owner of the platform himself—has pleaded guilty to the plot, which also involved the theft of a hefty amount of crypto. On Tuesday, the US...

Celebs: We Shouldn't Be Liable for FTX Endorsements

The idea is 'nonsense,' Tom Brady, Larry David, others claim in court docs

(Newser) - After five months of trying, lawyers for a group of FTX investors who are suing celebrity endorsers say they've finally managed to serve the last of them: Shaquille O'Neal. "Plaintiffs in the billion $ FTX class action case just served @SHAQ outside his house," the Moskowitz...

DA Condemns 'Horrific' Killing of Cash App Founder

Bob Lee was fatally stabbed in San Francisco

(Newser) - This story has been updated with new developments. San Francisco Mayor London Breed has condemned the killing of a tech luminary who was reportedly stabbed to death in the city early Tuesday. Breed described the death of Bob Lee, founder of Cash App and chief product officer of crypto startup...

More Bad News for SBF
More Bad News
for SBF

More Bad News for SBF

FTX founder has been indicted on charges of bribing Chinese officials to unlock $1B in crypto

(Newser) - If indictments were worth money, Sam Bankman-Fried might be accumulating enough of them to fix the failure of FTX . Feds on Tuesday announced that they've indicted the erstwhile 31-year-old billionaire on charges of conspiring to bribe Chinese government officials to unlock some $1 billion in cryptocurrency held by his...

Fugitive 'Cryptocrash' Boss Is Arrested in Montenegro

Do Kwon of Terraform Labs faces charges in 2 countries over $42B crash

(Newser) - A cryptocurrency boss facing fraud charges in the US and South Korea has been arrested far away from both in Montenegro. Terraform Labs founder Do Kwon, charged in connection with the $40 billion collapse of the firm's cryptocurrency, has been wanted in South Korea since September. He and another...

Lindsay Lohan Among Celebrities Charged by SEC in Crypto Scheme

Influencers didn't reveal they were being compensated for endorsements, filing says

(Newser) - The Securities and Exchange Commission announced Wednesday that it charged eight celebrities with endorsing cryptocurrencies without revealing they were being compensated. Actress Lindsay Lohan and boxer Jake Paul were among those charged with violating investor-protection laws, the Hill reports. Crypto entrepreneur Justin Sun and three of his companies also were...

Latest Crypto Failure Is Especially Troubling
Latest Crypto Failure
Touches 'Real' Bank System
the rundown

Latest Crypto Failure Touches 'Real' Bank System

Silvergate Bank, called a 'cornerstone' of the industry, is shutting down

(Newser) - It's a familiar story of late: Bitcoin and other cryptocurrencies were sinking in value on Thursday after a financial entity's high-profile collapse. In this case, the entity is Silvergate Bank. But this one is different from the collapse late last year of crypto exchange FTX, as Elizabeth Lopatto...

NBA Hall of Famer, SEC Settle Crypto Case

SEC chief calls Paul Pierce case a reminder to celebrities

(Newser) - NBA Hall of Famer Paul Pierce has agreed to pay about $1.4 million to settle charges that he touted EMAX tokens on social media without disclosing the payment he received for the promotion and for making false and misleading promotional statements about the same crypto asset, the Securities and...

Coinbase to Pay $100M in Settlement With NY Regulators

State says it took months for cryptocurrency platform to report suspicious activity

(Newser) - New York announced a $100 million settlement with Coinbase on Wednesday over what state officials called significant failures in the cryptocurrency trading platform's systems for spotting potential criminal activity. According to the state Department of Financial Services, Coinbase's anti-money-laundering program and its system for monitoring transactions for suspicious...

Stocks Headed for Worst Year Since 2008

The picture is even worse for cryptocurrencies

(Newser) - Friday is the last trading day in a year many on Wall Street will be glad to see the last of. Stock futures fell overnight, leaving major indexes on course for their worst year since 2008, CNBC reports. The S&P 500 dropped 19.24% in 2022, the Nasdaq plunged...

Bankman-Fried Arrested in Bahamas
FTX Founder
Arrested in

FTX Founder Arrested in Bahamas

Sam Bankman-Fried was picked up at US request after prosecutors filed an indictment

(Newser) - Sam Bankman-Fried, who is under criminal investigation in both places over the collapse of the crypto firm he founded, was arrested Monday in the Bahamas after an indictment was filed against him in the US. The announcement was made by US Attorney Damian Williams, who said the US government had...

Sam Bankman-Fried: OK, I'll Talk to Congress

Ex-CEO of failed FTX set to appear Tuesday in front of House Committee on Financial Services

(Newser) - Sam Bankman-Fried has been talking to the media about the collapse of his FTX cryptocurrency firm, and now he says he's willing to talk to Congress, too. CNBC reports that Bankman-Fried announced as much Friday in a series of tweets , writing that he'll be at the Tuesday morning...

Bankman-Fried Talks His Net Worth, 'Biggest Single' Mistake

Ex-FTX CEO, who notes he had $100K last he checked, says he shouldn't have filed Chapter 11

(Newser) - It's not clear if FTX founder Sam Bankman-Fried has a legal team or anyone else advising him to stay tight-lipped after the collapse of his crytocurrency exchange, costing him his entire fortune—but if he does, he's ignoring that advice. As part of what critics are calling a...

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